Oil and Gas Properties

6 Months Ended

Jun. 30, 2015

Extractive Industries [Abstract]

Oil and Gas Properties

NOTE 4 — OIL AND GAS PROPERTIES

Total reductions and additions for oil and gas properties for the three months ended June 30, 2015 and 2014 were $(6,914,445) and $14,021,282, respectively. Total additions for oil and gas properties for the six months ended June 30, 2015 and 2014 were $193,597 and $16,008,089, respectively. The reduction reported at June 30, 2015 is the result of the sale of a partial interest in unproved property to Republic Energy Operating, LLC on April 27, 2015 (See Note 8). Depreciation, depletion, and amortization expenses on oil and gas properties were $2,083,871 and $2,148,847 for the three months ended June 30, 2015 and 2014, respectively. Depreciation, depletion, and amortization expenses on oil and gas properties were $3,381,134 and $4,238,454 for the six months ended June 30, 2015 and 2014, respectively.